Investment Overview

Marcus and Millichap is pleased to present a 5,837 square foot (SF) vacant lot located at 312 N Coronado Street in Los Angeles, California. The subject property is located in a good South Echo Park location just down the street from Echo Park Lake, north of Temple Street and west of Alvarado Street. Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorated stream of new housing development, community re-positing, and an increased demand of living in the area. This is demonstrated by the large increase in housing developments along the popular corridors of W Temple Street and Beverly Boulevard. With over thirty (30) new developments in the pipeline along these South Echo Park thoroughfares, this area is set to be one of the hottest areas in LA within the coming years. Some of the new developments include the HiFi Collective, a recently completed 63-unit apartment building atop 6,475 SF of core retail along W Temple Street. Another recently completed project is the Bahay, a 200-unit mixed-use building. Other developments in the pipeline that are under construction include the Pinnacle 360 (221-unit apartment building), 3001 Beverly Boulevard (46-unit apartment building), and 418 N Alvarado Street (73-unit mixed-use building). This offering is positioned on one (1) parcel totaling 5,837 square feet (SF) of land with a zoning ordinance of LAR3-1VL. This allows for seven (7) units by-right. Additionally, this offering is granted ED1 eligibility, a recently passed program that allows an expedited process to 100% affordable developments. If used in conjunction with the State Density Bonus code 65915-65918, an ED1 project would have no maximum density, an allowance of three (3) additional stories, thirty-three (33) additional feet in height, and no parking requirement due to AB 2097. Five (5) additional concessions or incentives are granted under the State Density Bonus program. There is potential to stack these incentives with other programs such as TOC or the Los Angeles Density Bonus program, Buyer to verify. The subject property is currently a flat, vacant lot ready for immediate entitlements. The site was demolished in 2017, there are no residential units to replace (Buyer to verify that there is no RSO to replace when it was demolished). Tenants will enjoy being within close proximity to Dodger Stadium, Echo Park, Paramount Pictures Studios, and Chinatown. This, in conjunction with easy access to major employment hubs via the -101 and -110 freeways, attracts an ideal market for young professionals. Positioned in a good South Echo Park location, this offering presents an excellent opportunity for an astute developer to capitalize on maximizing density and income with ED1 in a core market of Los Angeles.